家用电器行业跟踪报告：家电行业24Q3基金持仓跟踪报告

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [2]. Core Insights - The proportion of public fund holdings in the home appliance industry has increased for seven consecutive quarters, with significant increases in white goods leaders, robotic vacuum cleaners, and appliance components, while major black goods stocks have been reduced. The domestic sales are expected to improve due to the implementation of the old-for-new policy, and external sales are anticipated to benefit from interest rate cuts in the US and contributions from emerging markets. The report suggests continued focus on leading white goods stocks, real estate-related recovery opportunities, and stocks with a second growth curve [2][20]. Summary by Sections 1. Fund Holdings in the Home Appliance Industry - As of Q3 2024, the total market value of public fund holdings in the home appliance sector reached 138.207 billion, a 31.0% increase from Q2 2024, accounting for 4.38% of the total A-share market value, which is 2.15 percentage points higher than the benchmark [8][11]. - The SW home appliance industry index rose by 16.85% in Q3 2024, achieving a relative return of 0.78% compared to the CSI 300 index [8][11]. 2. Individual Stock Performance - Major stocks such as Midea Group and Gree Electric have seen significant increases in holdings. In the white goods sector, Haier Smart Home, Midea Group, and Gree Electric continued to receive notable increases, while Haier and Hisense Home Appliances faced reductions. In the black goods sector, Hisense Vision was continuously reduced, while TCL Electronics and Zhaochi shares also saw reductions. In the kitchen and bathroom appliance sector, major stocks in bathroom appliances were generally increased, while kitchen appliance stocks like Boss and Vatti experienced reductions [20][26]. 3. Stock Changes in the Northbound Trading - The report indicates that the Northbound trading saw more reductions than increases, with some kitchen and bathroom appliance stocks experiencing increases. The core white goods stocks generally faced reductions, while some black goods stocks like Sichuan Changhong saw increases [25][26].